The relationship between Australian banks and Bitcoin companies is one of the most uneasy ones in the world today. Over the past few years, Australian Bitcoin users have faced a lot of scrutiny. Even though taxation of Bitcoin income gives digital currency a more legitimate appeal, the decision was met with a lukewarm reception. Now that some Australian banks have decided to close accounts of Bitcoin startups, things have gone from bad to worse.

Regulation and digital seem to be at opposite ends of the spectrum at times. While many digital currency enthusiasts feel that regulation is beneficial and ended, there are equally as many people who oppose the idea. One digital currency, called Aten Coin, has taken the opposite route, as it is fully compliant with regulations, AML legislation, and is thief-resistant.

Operating a Bitcoin exchange in the United States has become a bit of a hassle lately, as various states are in the process of creating a regulatory framework for virtual currencies. As a result of this impending regulation, Bitcoin exchange operators will have to apply for specific money transmitter licenses, which are not cheap. But anything is possible, as the Laissez Faire exchange platform has demonstrated.

Laissez Faire is Legal in 49 US States Right Now

Over the past few months, there has been a shakeup of Bitcoin exchanges willing to pursue specific operating licenses. Ever since the BitLicense regulatory framework was announced, multiple exchange platforms have halted their services in the New York state area, whereas a handful of others are pursuing their licensing requirements. Read more...

Bitcoin is, just like any other form of electronic or cash payment, subject to Know-Your-Customer regulatory requirements. Even though a lot of people flock to Bitcoin because of the illusion of being anonymous online, there is very little anonymity to be found in the world of virtual currencies. That being said, blockchain technology could be used to facilitate the KYC process, which is exactly what Tradle is trying to achieve. Read more...

One of the questions that arise when it comes to Bitcoin is whether or not it can be used to launder money. According to mainstream media, Bitcoin is regularly associated with money laundering practices, pyramid schemes, and even terrorism. But can you actually use Bitcoin to launder cash by using a Bitcoin ATM?

The Short Answer: No

Let’s be brutally honest for a moment here: you can sue fiat currency to buy Bitcoin at any Bitcoin ATM, up to a certain limit. However, this limit is so low that it becomes unattractive to try even and launder cash through one of these ATM’s, as you will run into verification procedures sooner or later. And who wants to visit at least twenty or thirty ATM’s in rapid succession to launder less than US$20,000? Read more...